Final answer:
All of the listed actions may accomplish the goal of the Sarbanes-Oxley Act to improve corporations' internal controls. This includes increased reporting requirements, enhanced penalties for fraud, and improved transparency to protect investors and restore confidence in corporate financial information.
Step-by-step explanation:
The goal of the Sarbanes-Oxley Act (SOX) of 2002 is to improve the internal controls of corporations, which involves ensuring the accuracy and reliability of corporate financial reporting. This act came as a response to major accounting scandals involving companies like Enron and WorldCom. Regarding the question about which actions may accomplish the goal of improving corporations' internal controls, the correct answer is 4) All of the above. Increased financial reporting requirements, enhanced penalties for corporate fraud, and improved transparency in financial reporting are all means by which the SOX Act aims to build investor confidence and ensure the provision of accurate financial information.
Corporate governance plays a significant role in this process. The board of directors, auditing firms, and outside investors, including large shareholders, are critical institutions of corporate governance. However, in cases like Lehman Brothers, these governance structures failed, highlighting the importance of strict compliance with SOX to prevent such failures and protect investor interests.